Starting A New Tech Venture in Silicon Valley 102413
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Winston Choe will give a talk on starting a new tech venture in Silicon Valley. The talk will cover emerging tech areas like wearables, mobile, gaming, big data and more. It will also discuss the venture lifecycle from early stage funding to later stage VC, IPOs, acquisitions and more. Key areas for developing an idea will be discussed like market trends, evaluation criteria, and sources of ideas. Developing the business model will also be covered including assessing the market size, value proposition, customer acquisition channels and competition. Other topics will include team building, Silicon Valley incubators, and preparing an investor pitch.
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Starting A New Tech Venture in Silicon Valley 102413
- 1. Meetup MPBA Tech Talk “Starting a New Tech Venture in Silicon Valley” Winston Choe
- 2. Emerging Ventures Wearables Skully Pristine Meetup Mobile Cubit Enterprise Gaming Tangible Play Big Data Warwick Twitch TV Digify
- 3. Venture Lifecycle Meetup IPO Bridge / Mezzanine Series-A Crunch Later Stage VC M&A Acqui-Hire Corporate / Strategic Early Stage VC Seed / Micro VC Angels / Crowds Savings, Friends & Family
- 4. Idea Generation Meetup Sources Evaluation Criteria •Market Trends (eg. Mobile, Cloud) •Venture Trends (eg. Enterprise, Wearables) •Research & Labs •Personal Pain Points •Hackathons •Market Potential •Lifestyle vs Feature/Business •Market Disruption •Differentiation •Viability
- 5. Market-Research Meetup Market-Size: Largest potential Value-Proposition: Most compelling problem Customer Acquisition: Lowest-cost channel Competition: Disruption or Asymmetry
- 6. Market Size Characterize the Market • • consumer, business, advertiser, devices, industry, etc start with more; focus on largest Find industry-reports • usually not as relevant Learn how competitors size the Market • web-site, press-release, blog Validation • • test assumptions surveys, interviews, focus-groups Meetup
- 7. Value-Proposition Characterize the Problem • • • are you focusing on the most compelling problem? is the problem Real and Urgent Avoid: “Your Solution Is Not My Problem” Clarify the Value-Proposition • • • how are users solving the problem today? why is your solution much better? how often would they use your solution? Validation • • test assumptions Prototype, Alpha Meetup
- 8. Customer-Acquisition Meetup Characterize the Channels to Market • • Direct, Channel, Online, Social, Mobile, etc start with more; focus on lowest cost Benchmark Customer-Acquisition • Sales-cycle, Deal-cycle, Search-Advertising, Social-Media, Mobile-downloads Learn from Competitors Market-Traction • • • • which channels did they use? how long did they take to get to X users? how much funding did they burn through? do you really think you can do better?
- 10. Team Building Meetup • Who do you need for the next 2 milestones? (eg. Seed, Series-A) – Engineers, Designers, Marketing, Sales, Operations • Agree with Founders on: – Roles/Responsibilities + Commitment + Timeframe • Pre/Post Incorporation Shares • Advisors
- 12. Business Model Meetup Freemium Subscription •Can we sufficiently scale Free users? •Are there other ways to monetize Free users to cover costs? •Are the Premium conversion incentives strong enough? •Consumer-market •Enterprise-market, Cloud-services Licensing •Enterprise-market, Desktop-SW •Technologies, Royalty-based Revenue-Share •App-Stores •Time-Horizon, Exclusivity Advertising + Affiliates •Do we have sufficient scale? Hardware •Devices, Accessories, Supplies
- 18. Investor Pitch Title • Elevator Pitch Problem • Real and Urgent Solution • Clear Value-Prop and ROI Business-Model • Validation Underlying Magic • Sustainable, Measurable Competition • Defensible, Asymmetric, Disruptive Meetup Sales & Marketing • Bottom-up TAM • Strong Strategy, Sound Tactics, Realistic Plan Finance • 3-year Forecasts, Key-Metrics, Comparables Team • Track-record, Differential Insight, Cohesive Status • Use-of-funds, Traction, Invest Now!
- 19. Preparation •10/20/30 = Slides/Minutes/Font •3 most important things for Investor? •Why did Investor give us a meeting? •Special questions, issues, landmines? •Investor organizational and people background? •Investor’s current efforts? •Pitch 10 times to friendlies & refine •Qualified introduction to the Investor •Goal of 1st meeting -> To get 2nd meeting Meetup
- 20. Meetup MPBA Tech Talk “Starting a New Tech Venture in Silicon Valley” winston.choe@inno-scape.com
Notas do Editor
- Update on Nexus Program Discuss Plans for 2012 More Nexus Meetups, Workshops (+ Accelerator) More Countries Other Sectors
- The next key element in the SV Ecosystem are Incubators Incubators have traditionally been government-funded non-profits with a weak track-record. Over the past few years a dozen Incubators have been established that have led to a significant increase in the number of high-quality startups at the Seed Stage Incubator programs cover Concept -> Launch and generally include …. Y-Combinator (includes $150k funding, excludes Co-Working, SV-based) Founder Institute (Curriculum-centric, excludes Funding and Co-Working, 22 cities worldwide) PnP (Co-Working Centric) Vator.tv (Online-Media Centric) I am a mentor at Founder Institute and PnP Question: What are the Incubators in Malaysia and Region? Answer: Domain-specific (eg. TPM, Biotech) Question: What is their operating model? Answer: Co-Working Centric (low-rent) Question: What is working and not-working? Answer: Not enough mentorship Summary There are opportunities to connect the MSC Companies with Incubators in SV There are opportunities to setup Regional Incubator in Malaysia
- Investment is usually Bootstrapped or Friends/Family Convince yourself that the venture is viable for the next Stage Question: How many MSC companies at Stage #1 Questions?
- Key-Factors for Investment in Stage #2 Founders MVP Traction Social-Proof (Mentors, Key-Users, Lead Investor, Co-Founder) Question: How many MSC companies at Stage #2 Questions?
- Key-Factors for Investment in Stage #3 Complete Team Market Traction Revenue Model Question: How many MSC companies at Stage #3 Questions?
- Angels & Incubators: around $100k Seed Funds: around $500k Small/Large VC Funds: around $2-3m Question: What are the types of Investment Funds in Malaysia and Region? Answer: Startup Funding + VC Funding Question: Are there any foreign VCs in Malaysia? Answer: Walden Question: Where are the gaps in Investment? Answer: Seed funding (RM $1-2.5m) Summary There are opportunities to connect MSC companies to VCs in SV There are opportunities to introduce Foreign Angels/VCs to Malaysia
- Update on Nexus Program Discuss Plans for 2012 More Nexus Meetups, Workshops (+ Accelerator) More Countries Other Sectors